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bank was to take a more lenient position to ireland you have u.s. treasury secretary geithner saying wait a minute take a hard line for a for ireland you have to crush it because we've the u.s. banks financial casinos have insured irish debt same thing with greece it's the u.s. treasury that comes in and says wait a minute our financial system has turned into a i j we've insured the greek debt and we can't afford to take a loss so you're europeans have to take a loss you have to impoverish your later so that our financial wall our wall street casino capitalist firms like goldman sachs can make kelly and they can't pay their people one hundred million dollars a year in salary if you don't impoverished your labor we're making money off you and that's the financial system that's what we call stability so you may think it's our risk but it's not our risk if we're telling you what to do what you are referring to risk isn't a risk if you let the u.s. treasury act is the battering ram for the wall street firms that insure the rest and say you think there's
bank was to take a more lenient position to ireland you have u.s. treasury secretary geithner saying wait a minute take a hard line for a for ireland you have to crush it because we've the u.s. banks financial casinos have insured irish debt same thing with greece it's the u.s. treasury that comes in and says wait a minute our financial system has turned into a i j we've insured the greek debt and we can't afford to take a loss so you're europeans have to take a loss you have to impoverish your...
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well we know in greece we've already listed that last episode ireland has the national airline ports power stations energy suppliers transport systems sporting assets and even the irish national stud well thank you very much but i'm not for snow. whatever that is i have something to do with horses and it's all about horse eamonn it k. and then spain is selling thirty percent of its state lottery now this is the biggest lottery in the world it's called el gordo it's been around for one hundred fifty one years but spain is not as badly indebted as other european countries but bond yields have soared so because of this they have to sell el gordo the company recorded three billion euro net profit in two thousand and nine on sales of nine point eight billion euros meaning the sell off will reduce treasury income by about one billion euros a year ok so spain is now being attacked by the financial terrorist of people who sell short bonds to destabilize the country's finances in preparation of extracting wealth and these of course naked short sellers which are counterfeiting they sell things
well we know in greece we've already listed that last episode ireland has the national airline ports power stations energy suppliers transport systems sporting assets and even the irish national stud well thank you very much but i'm not for snow. whatever that is i have something to do with horses and it's all about horse eamonn it k. and then spain is selling thirty percent of its state lottery now this is the biggest lottery in the world it's called el gordo it's been around for one hundred...
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right now we're in a death spiral in greece ireland and portugal because of all the austerity measures that the economies are just spiraling into nothing more chumps these irish are because remember when they were the first to go into the austerity butchering they didn't revolt in any way and then when athens started to revolt in the street the people in ireland are very proud of themselves though we're in the greek when they are thinking that we're not out there actually defending our interests and you see that there are no plans anywhere where the greece portugal or ireland to develop a real economy at all irish finance minister michael noonan has pleaded with consumers to replace their clapped out refrigerators and tumble dryer so where are these tumble dryer is and refrigerators made probably china or germany it's not going to help their economy at all consuming does not help their economy producing helps their economy companies that the irish government is encouraging to relocate to ireland and in dublin now are companies like zynga that create virtual currency which is a backdoor
right now we're in a death spiral in greece ireland and portugal because of all the austerity measures that the economies are just spiraling into nothing more chumps these irish are because remember when they were the first to go into the austerity butchering they didn't revolt in any way and then when athens started to revolt in the street the people in ireland are very proud of themselves though we're in the greek when they are thinking that we're not out there actually defending our...
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clearly life in ireland is very tough for people at the moment perhaps e anger spilling onto the streets in dublin in the way that we seen the violence in athens are people getting extremely angry about this what is the mood people are very angry and now a protest movement is beginning there were a thousand people outside the parliament today protesting against cuts in education for special needs children there is a major movement of opposition there was a few thousand on the streets outside parliament last week in regard to costs of hospitals i would predict from september on when parliament week begins after the summer break there would be major mobilization zob. we cannot pay anymore these banks have to speculators must take their own losses and i would predict a major movement of people which we in the socialist party are to. change in policy that banks and financial institutions the financial markets and what's been called licola should give a crutch of control for developing helping to develop society in ireland and throughout europe rather than creating crisis of the crisis for hu
clearly life in ireland is very tough for people at the moment perhaps e anger spilling onto the streets in dublin in the way that we seen the violence in athens are people getting extremely angry about this what is the mood people are very angry and now a protest movement is beginning there were a thousand people outside the parliament today protesting against cuts in education for special needs children there is a major movement of opposition there was a few thousand on the streets outside...
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this this this was a good project to begin with if the membership had been correct greece portugal ireland spain were never supposed to join and if it was a reasonable six countries bedded down we would have had a pretty successful project but in the you know we've got. in the eurozone at this point this is not healthy and i agree with them that this situation is now but it's done it's legalized and no one can step out and no other people can you know sort of change the rules at this point so the germans have to pay the piper they really need this document and this is the way for questions i don't know. how they want to do it and then. they. figure for the germans the germans don't the germans don't have to pay the piper let greece go bankrupt it would be good for greece it would be good for the europe it'd be good for the world if greece went bankrupt and right to see how to pay their bills or stop lying then you would have everybody would know it's a strong sound currency based on a strong sound economy while while i'm out and go bankrupt this isn't in our euro you know america we've had
this this this was a good project to begin with if the membership had been correct greece portugal ireland spain were never supposed to join and if it was a reasonable six countries bedded down we would have had a pretty successful project but in the you know we've got. in the eurozone at this point this is not healthy and i agree with them that this situation is now but it's done it's legalized and no one can step out and no other people can you know sort of change the rules at this point so...
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unfortunately execution has not been very good they brought in people like greece and and portugal and ireland who weren't paying there who aren't paying their bills and who weren't paying their bills and that's led to the problem i'm like dennis i cannot conceive of why honest hard working australians and dutch and pins should have to pay for a bunch of greeks are sitting on the beach drinking too so and greek banks i find this is outrageous. if i knew you in washington ok we have two euro skeptics or you could have found that out a little bit. i'll try to very much the bottom line is this this this this is a good project to begin with if the membership had been correct greece portugal ireland spain were never supposed to join and if it was a reasonable six countries bedded down we would have had a pretty successful project but in the you know we've got some in the eurozone at this point this is not healthy and i agree with them that this situation is now but it's done it's legalized and no one can step out and no other people can you know sort of change the rules at this point so the germans
unfortunately execution has not been very good they brought in people like greece and and portugal and ireland who weren't paying there who aren't paying their bills and who weren't paying their bills and that's led to the problem i'm like dennis i cannot conceive of why honest hard working australians and dutch and pins should have to pay for a bunch of greeks are sitting on the beach drinking too so and greek banks i find this is outrageous. if i knew you in washington ok we have two euro...
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company or you have ireland similarly it's a two hundred or three hundred billion dollar economy spain is of course obviously a larger economy than that but still not a significantly larger economy so you've got this contagion spreading however at the center of the euro zone is germany and germany benefits from this catastrophe because of the lower year it helps their export market now how can germany big guaranteed that they by participating in the wholesale financial all rape of greece how can germany protect itself from the contagion wiggling its way into germany or did they haven't thought that far and they're simply going to be swallowed up by this financial contagion well i think max there are two levels of interpretation first of all from the national point of view from germany's point of view and i should you can see germany in france and under medical and nicolas sarkozy together with the central european central bank president is on quote. agreed on the climb and stands on the upcoming negotiations regarding greece on a national stance yes they do perhaps look at the short te
company or you have ireland similarly it's a two hundred or three hundred billion dollar economy spain is of course obviously a larger economy than that but still not a significantly larger economy so you've got this contagion spreading however at the center of the euro zone is germany and germany benefits from this catastrophe because of the lower year it helps their export market now how can germany big guaranteed that they by participating in the wholesale financial all rape of greece how...
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markets will spin public ownership democratic control for developing helping to develop society in ireland and throughout europe rather than creating crisis after crisis for hundreds of millions of our europeans joe higgins the technical gremlins were slightly against us there but i'm glad we persisted because i'm very interested to hear what you had to say live there in dublin joe higgins a member of parliament there in dublin thanks very much indeed for joining us. now time for a brief look at some other international news in brief this hour thousands are protesting in the egyptian capital car of the six day running demanding the removal of the military council and threatening to expand their city and to other cities demonstrators are also calling for else to present was going to barak is a used to face prosecution for the killing of hundreds of protesters during the uprising in february the military has warned protesters against using violence but said it wouldn't try to stop the rally. and half of the afghan president hamid karzai has been buried in kandahar because i was murdered in h
markets will spin public ownership democratic control for developing helping to develop society in ireland and throughout europe rather than creating crisis after crisis for hundreds of millions of our europeans joe higgins the technical gremlins were slightly against us there but i'm glad we persisted because i'm very interested to hear what you had to say live there in dublin joe higgins a member of parliament there in dublin thanks very much indeed for joining us. now time for a brief look...
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they're destroying now looking at italy spain they destroy ireland and of course guys like eric cantor make millions of dollars by destroying these countries and making these bets and insider trading is legal in washington the shadow banking system is fourteen trillion large so a lot of the stuff is off the books unregulated unseen and they're just laughing at the american people eric cantor is laughing at the american people so i don't know why i can laugh at the american people if your own senators blasted what you made you mentioned agree some particular increase went down that slippery slope of oblivion because pop into a zero and the likes of their oligarchs who own all the country started making bets against their country so once they had that incentive once they owned the insurance products that only go up in value that were worth nothing if the economy doesn't collapse if the same with this product the error counter own it's worth zero if the economy does not collapse right you can make the argument that it's some german well managed well balanced portfolio this is the equivale
they're destroying now looking at italy spain they destroy ireland and of course guys like eric cantor make millions of dollars by destroying these countries and making these bets and insider trading is legal in washington the shadow banking system is fourteen trillion large so a lot of the stuff is off the books unregulated unseen and they're just laughing at the american people eric cantor is laughing at the american people so i don't know why i can laugh at the american people if your own...
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elsa's currency right so in the case of grazer ireland or even looks like italy and looks like spain i'll be sucked into this vortex of deceit the banks the myth the major global banks international banks they get the local governments like papyrus to commit fraud on behalf of the banks to lower the economies up with hundreds of billions of dollars worth of debt in the case of greece are talking now five hundred billion euros in debt that was illegally parked on their balance sheet and then when they can't pay back the debt they take all their assets as recompense for the debts that they never incurred but you're saying the big difference of course is that in greece they're part of the eurozone so you have this contagion effect whereas in argentina it was a self-contained economy and it was a bit of a silo effect that just happened within the confines of that economy correct exactly so yeah that's exactly the point we have to see this is really all part of the model we are dealing with a global power elite whether you're in argentina whether you're in greece whether you're in britain
elsa's currency right so in the case of grazer ireland or even looks like italy and looks like spain i'll be sucked into this vortex of deceit the banks the myth the major global banks international banks they get the local governments like papyrus to commit fraud on behalf of the banks to lower the economies up with hundreds of billions of dollars worth of debt in the case of greece are talking now five hundred billion euros in debt that was illegally parked on their balance sheet and then...